1. Consider the following transactions for Toys and More: (Click the icon to view the transactions.) Requirements 1. Joumalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Toys and More? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.) May 8: Toys and More buys $113,300 worth of MegoBlock toys on account with credit terms of 2/10, n/60. Date Accounts Debit Credit May 8 May 12: Toys and More returns $11,250 of the merchandise lo MegoBlock due to damage during shipment Date Accounts Debit Credit May 12 (5) (6) May 15: Toys and More paid the amount due, less the return and discount Date Accounts Debit Credit May 15 (10) (11) (12) Requirement 2. In the final analysis, how much did the inventory cost Toys and More? The inventory cost for Toys and More is $ . 1: More Info May 8 Toys and More buys $113,300 worth of MegoBlock toys on account with credit terms of 2/10, n/60. 12 Toys and More returns $11,250 of the merchandise to MegoBlock due to damage during shipment. 15 Toys and More paid the amount due, less the return and discount. O Sales Returns and Allowances O Sales Revenue (1) O Accounts Payable O Accounts Receivable O Cash Cost of Goods Sold O Delivery Expense Freight in O Merchandise Inventory O Purchase Discounts Purchase Returns and Allowances O Purchases Sales Discounts (2) O Sales Returns and Allowances Sales Revenue O Accounts Payable O Accounts Receivable O Cash Cost of Goods Sold Delivery Expense Freight In O Merchandise Inventory O Purchase Discounts O Purchase Returns and Allowances O Purchases Sales Discounts O Sales Returns and Allowances O Sales Revenue (3) O O Accounts Payable O Accounts Receivable O Cash O Cost of Goods Sold Delivery Expense Freight In O Merchandise Inventory Purchase Discounts Purchase Returns and Allowances O Purchases Sales Discounts Sales Returns and Allowances Sales Revenue (4) O O Accounts Payable Accounts Receivable O Cash O Cost of Goods Sold O Delivery Expense Freight In O Merchandise Inventory Purchase Discounts O Purchase Returns and Allowances O Purchases Sales Discounts (5) O O Accounts Payable O Accounts Receivable Cash O Cost of Goods Sold Delivery Expense Freight In O Merchandise Inventory O Purchase Discounts O Sales Returns and Allowances O Purchase Returns and Allowances O Sales Revenue O Purchases Sales Discounts O Sales Returns and Allowances O Sales Revenue (6) O O Accounts Payable O Accounts Receivable O Cash O Cost of Goods Sold O Delivery Expense Freight In O Merchandise Inventory Purchase Discounts O Purchase Returns and Allowances O Purchases Sales Discounts Sales Returns and Allowances O Sales Revenue (7) O O Accounts Payable Accounts Receivable O Cash Cost of Goods Sold Delivery Expense Freight In O Merchandise Inventory O Purchase Discounts O Purchase Returns and Allowances O Purchases Sales Discounts O Sales Returns and Allowances O Sales Revenue (8) O Accounts Payable O Accounts Receivable O Cash O Cost of Goods Sold O Delivery Expense Freight In O Merchandise Inventory O Purchase Discounts Purchase Returns and Allowances O Purchases Sales Discounts (9) O O Accounts Payable O Accounts Receivable O Cash O Cost of Goods Sold Delivery Expense Freight In O Merchandise Inventory O Purchase Discounts O Sales Returns and Allowances O Purchase Returns and Allowances O Sales Revenue O Purchases Sales Discounts (10) O Sales Returns and Allowances O Sales Revenue O Accounts Payable Accounts Receivable Cash O Cost of Goods Sold O Delivery Expense Freight In O Merchandise Inventory Purchase Discounts O Purchase Returns and Allowances O Purchases Sales Discounts (11) O Sales Returns and Allowances Sales Revenue O Accounts Payable O Accounts Receivable O Cash Cost of Goods Sold Delivery Expense Freight in O Merchandise Inventory O Purchase Discounts O Purchase Returns and Allowances O Purchases Sales Discounts O Sales Returns and Allowances Sales Revenue (12) O. O Accounts Payable Accounts Receivable O Cash Cost of Goods Sold Delivery Expense Freight In O Merchandise Inventory O Purchase Discounts O Purchase Returns and Allowances O Purchases Sales Discounts